Comments on: Oil Falls $2 As Saudis Report That Current Prices "Not Warranted"

By: Anonymous

Anonymous — Tue, 10 Jun 2008 04:56:00 +0000

Yves – FT is running with the short covering story too:

Speculators lost money in last week’s oil price jump as they were forced to cover previous bets on falling prices, data from the New York Mercantile Exchange show.

http://tinyurl.com/6zervk

fatbear

By: Juan

Juan — Tue, 10 Jun 2008 04:36:00 +0000

anon 5:23 PM,

This 6 October, 2007, WSJ article is interesting, if only because it touches on the storage trade.

Where Has All The Oil Gone?

After Sitting on Crude, Speculators Unload It.
The World’s Eyes Fall on Cushing, Oklahoma
http://online.wsj.com/article/SB119162309507450611.html

By: Filmo

Filmo — Tue, 10 Jun 2008 00:14:00 +0000

Is it just me or is it every time I hear the House of Saud say that prices aren’t justified by demand, I think of the Bush Administrations ‘Strong Dollar Policy’.

They’re both pretty much lip service. And ironically, related.

By: Legal Sodium

Legal Sodium — Mon, 09 Jun 2008 22:53:00 +0000

bush didn’t go to SA to ask for oil…

By: Anonymous

Anonymous — Mon, 09 Jun 2008 21:23:00 +0000

A lot of this speculation is driven by places like Goldman that are pumping out new reports for the media every other week, where they hype and tout new thinking on higher prices, while they manipulate the market volatility. We have a paraplegic government that has an inability to do anything about everything and that just adds fuel to The Goldman manipulation and that is why it is collusion!

Does anyone think McCain, Hillary or Obama has done one thing to help this economy in the last 8 years, besides take cash from lobby groups?

By: Anonymous

Anonymous — Mon, 09 Jun 2008 20:33:00 +0000

I read somewhere (sorry, no link – don’t remember where) that the action on Th/Fr was essentially a short squeeze – that the infamous speculators were all sure that oil was too high mid-May, with heavy short action starting the week of May 19 – remember that oil had a significant short term trend down from May 21 to June 4 – and that the beginning of upwards movement on Thurs lead to short covering in a market with less liquidity than the shorts would like

Any thoughts?

fatbear